DCF Tool

MDLZ

Mondelez International Inc. – Other Snack Food Manufacturing
Mondelez International, Inc., styled as Mondelēz International, is an American multinational confectionery, food, holding, beverage and snack food company based in Chicago. Mondelez has an annual revenue of about $26 billion and operates in approximately 160 countries.
Analysis Results
Intrinsic Value $45.26
Latest Price $70.43
Relative Value 56% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 1.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 1.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 3.08 2.89
2024 3.13 2.75
2025 3.18 2.62
2026 3.23 2.49
2027 3.28 2.37
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 71.4 billion. This corresponds to a present value of 48.5 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 13.1 billion. Adding in the terminal value gives a total present value of 61.6 billion.

There are presently 1.36 billion outstanding shares, so the intrinsic value per share is 45.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 10,091,000,000
Current Cash 1,923,000,000
Current Liabilities 16,731,000,000
Current Debt 2,682,000,000
Non-Cash Working Capital (NCWC) -5,881,000,000
Change in NCWC -631,000,000
EBIT 4,181,000,000
Tax Provision 865,000,000
Depreciation and Amortization 1,107,000,000
Capital Expenditure -906,000,000
Unlevered Free Cash Flow 2,743,880,813
Current Assets 10,342,000,000
Current Cash 3,546,000,000
Current Liabilities 14,008,000,000
Current Debt 1,962,000,000
Non-Cash Working Capital (NCWC) -5,250,000,000
Change in NCWC 779,000,000
EBIT 5,250,000,000
Tax Provision 1,190,000,000
Depreciation and Amortization 1,113,000,000
Capital Expenditure -965,000,000
Unlevered Free Cash Flow 5,041,916,424
Current Assets 9,979,000,000
Current Cash 3,619,000,000
Current Liabilities 15,159,000,000
Current Debt 2,770,000,000
Non-Cash Working Capital (NCWC) -6,029,000,000
Change in NCWC -1,265,000,000
EBIT 4,575,000,000
Tax Provision 1,224,000,000
Depreciation and Amortization 1,116,000,000
Capital Expenditure -863,000,000
Unlevered Free Cash Flow 2,394,671,187
Current Assets 7,630,000,000
Current Cash 1,291,000,000
Current Liabilities 15,322,000,000
Current Debt 4,219,000,000
Non-Cash Working Capital (NCWC) -4,764,000,000
Change in NCWC -371,000,000
EBIT 4,469,000,000
Tax Provision 2,000,000
Depreciation and Amortization 1,047,000,000
Capital Expenditure -925,000,000
Unlevered Free Cash Flow 4,217,700,540
Current Assets 7,604,000,000
Current Cash 1,100,000,000
Current Liabilities 16,737,000,000
Current Debt 5,840,000,000
Non-Cash Working Capital (NCWC) -4,393,000,000
Change in NCWC -39,000,000
EBIT 4,249,000,000
Tax Provision 773,000,000
Depreciation and Amortization 811,000,000
Capital Expenditure -1,095,000,000
Unlevered Free Cash Flow 3,137,977,687
Current Assets 7,520,000,000
Current Cash 761,000,000
Current Liabilities 15,793,000,000
Current Debt 4,680,000,000
Non-Cash Working Capital (NCWC) -4,354,000,000
Change in NCWC -658,000,000
EBIT 4,436,000,000
Tax Provision 688,000,000
Depreciation and Amortization 816,000,000
Capital Expenditure -1,014,000,000
Unlevered Free Cash Flow 2,737,845,474
Current Assets 8,480,000,000
Current Cash 1,741,000,000
Current Liabilities 14,417,000,000
Current Debt 3,982,000,000
Non-Cash Working Capital (NCWC) -3,696,000,000
Change in NCWC -703,000,000
EBIT 3,713,000,000
Tax Provision 129,000,000
Depreciation and Amortization 823,000,000
Capital Expenditure -1,224,000,000
Unlevered Free Cash Flow 2,342,605,672
Current Assets 8,958,000,000
Current Cash 1,870,000,000
Current Liabilities 10,922,000,000
Current Debt 841,000,000
Non-Cash Working Capital (NCWC) -2,993,000,000
Change in NCWC -1,940,000,000
EBIT 3,754,000,000
Tax Provision 593,000,000
Depreciation and Amortization 894,000,000
Capital Expenditure -1,514,000,000
Unlevered Free Cash Flow 911,640,537
Current Assets 11,750,000,000
Current Cash 1,631,000,000
Current Liabilities 14,007,000,000
Current Debt 2,835,000,000
Non-Cash Working Capital (NCWC) -1,053,000,000
Change in NCWC 152,000,000
EBIT 3,934,000,000
Tax Provision 353,000,000
Depreciation and Amortization 1,059,000,000
Capital Expenditure -1,642,000,000
Unlevered Free Cash Flow 2,959,263,899
Current Assets 13,216,000,000
Current Cash 2,664,000,000
Current Liabilities 14,396,000,000
Current Debt 2,639,000,000
Non-Cash Working Capital (NCWC) -1,205,000,000
Change in NCWC -1,330,000,000
EBIT 4,214,000,000
Tax Provision 60,000,000
Depreciation and Amortization 1,077,000,000
Capital Expenditure -1,622,000,000
Unlevered Free Cash Flow 2,233,297,658
Current Assets 15,622,000,000
Current Cash 4,475,000,000
Current Liabilities 14,873,000,000
Current Debt 3,851,000,000
Non-Cash Working Capital (NCWC) 125,000,000
Change in NCWC 506,000,000
EBIT 3,683,000,000
Tax Provision 207,000,000
Depreciation and Amortization 1,345,000,000
Capital Expenditure -1,610,000,000
Unlevered Free Cash Flow 3,494,247,463

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